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Trading Zones With Extension - Premium Indicator
Trading Zones with extension is a custom programmed indicator to use on NinjaTrader 8 platform. This is a leading indicator. It plots initial balance for the day on live market (shown with yellow right arrow with red fill, Image – 1). You can choose the start and end time of initial balance from the settings as shown below in Image -4, marked with Lime Green rectangle. At the same time the extension lines on both sides of the initial balance which is marked by green and red lines keeps developing. As soon as initial balance time is up and stops plotting, it will plot the trading zones both sides of initial balance zone, which is in Image -1 marked with white down arrow. After the initial balance plots finished, all these extension lines and trading zones plots do not change. It also plots initial balance range as well live (pointed by white right arrow with red fill, Image -1).
If you add this indicator on your chart, you will see price reacts on green and red lines (called extension lines) and if the price goes on to Trading zones, it will give you high probability trading opportunities.
Now, you can choose to plot these zones and lines for every day data on your chart by checking ‘Repeats Daily’ check box as shown in Image -2 or you can select specific days by checking check boxes beside specific day’s name, as shown by red rectangle in Image -3.
If you want to customize the plots’ colors, opacity etc, you can do that from the parameters marked with white rectangle in Image – 5. It is highly recommended not to change the settings marked with red rectangle in Image – 6.